Slovenia Sovereign Holding is expected to accept Cinven’s offer for a 72.75% stake in Telekom Slovenije, it is understood, with a decision possible this week, according to local press.
Last month, sole bidder Cinven increased its offer for Telekom…
Slovenia Sovereign Holding is expected to accept Cinven’s offer for a 72.75% stake in Telekom Slovenije, it is understood, with a decision possible this week, according to local press.
Last month, sole bidder Cinven increased its offer for Telekom Slovenije from €110 to €130 per share in a bid to persuade local authorities to accept it.
The private equity firm’s final offer reportedly consists of an upfront cash payment of €110 per share, an additional payment of €15 per share depending on the outcome of lawsuits facing the operator, and a further €5 per share depending on the company’s performance.
Explaining its bid earlier this year, Cinven said it aimed to “restore the company’s position as a Slovenian champion” by investing in fixed-line and mobile network upgrades, and returning revenue to growth.
The firm’s previous European telecoms investments include Dutch cableco Ziggo and French cableco Numericable, which it subsequently exited via local IPOs.
The government is advised by Citigroup.
Spokespeople for Telekom Slovenije, Slovenian Sovereign Holding were not immediately available for comment.
A spokesperson for Cinven confirmed the firm’s bid for Telekom Slovenije, but declined to comment further.